Question

I don't know how to calculate the monthly paymentCalculate monthly payment:Price: $1,849,000Down Payment: $350,000Interest Rate: 5% APR Term: 30-years 

Answer 1

M = 1849000 - 350000 = $1499000

$X\text{ = }\frac{M}{\lbrack\frac{1-(1+i)^{-n}}{i}\rbrack}$

M = morgage

n = time in month = 30 x 12 = 360

i = interest = 5/100 = 0.05

X = monthly payment

$\begin{gathered} X\text{ = }\frac{1499000}{\lbrack\frac{1-(1+0.05)^{-360}}{0.05}\rbrack} \\ X\text{ = }\frac{1499000}{\lbrack\frac{1-1.05^{-360}}{0.05}\rbrack} \\ X\text{ = }\frac{1499000}{\lbrack\frac{1\text{ - 0.0000000235}}{0.05}\rbrack} \\ X\text{ = }\frac{1499000}{\lbrack\frac{0.9999999765}{0.05}\rbrack} \\ X\text{ = }\frac{1499000}{19.99999953} \\ X\text{ = \ 74950} \end{gathered}$